Earnings Play: Baker Hughes

Baker Hughes' 2Q earnings release is expected on Wednesday. Here is what to look out for.

Energy 14

On Wednesday, before market, Baker Hughes (BKR) is anticipated to report second quarter LPS of $0.01 compared to an EPS of $0.20 a year ago on revenue of approximately $4.7 vs. $6.0B last year. Baker Hughes is an oilfield services and equipment company and its current analyst consensus rating is 24 buys, 5 holds and 0 sells, according to Bloomberg.

Looking at a daily chart, Baker Hughes' stock price is breaking to the upside of a symmetrical triangle pattern that price has been bouncing within since early-June. The breakout from the upper trend line in the symmetrical triangle pattern indicates the start of a new bullish trend. The RSI is currently above its 50 level and rising. The blue dotted arrows represent a measured move using the peak and trough of the triangle pattern. Price will likely advance towards the $17.25 level, surpass it and grind upwards to retest the most recent high at $19.25. If price cannot hold above the upper trend line, then it will probably fall back to the $14.00 support. Price could bounce off the $14.00 level and continue upwards, however if price breaks below $14.00, it could possibly drop back to $12.00.      

Source: GAIN Capital, TradingView

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